GTL lenders okay $3-bn debt recast: sources

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GTL lenders okay $3-bn debt recast: sources

Reuters / Mumbai 20 Dec 11 | 08:44 PM

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GTL group companies, including GTL Ltd and GTL Infrastructure, have received final approval from lenders for restructuring loans worth Rs 16,000 crore, two sources familiar with the matter said on Tuesday.

GTL Ltd's 14 lenders include State Bank of India, ICICI Bank, Punjab National Bank and Standard Chartered.

The sources declined to be identified as they were not authorised to speak to the media. A GTL spokesman declined to comment.

Last year, GTL Infrastructure struck a deal to take over the telecom tower business of Reliance Communications, which would have created a company with an enterprise value of $11 billion. The deal collapsed when the companies failed to agree on terms.